CTRL 9.3.5 Assessing competence of proposed members of Shari’a supervisory board

(1) To be suitable for appointment as a member of the Shari’a supervisory board of an Islamic financial institution, an individual must be able to demonstrate the competence and ability to understand:
(a) the technical requirements of the institution’s business;
(b) the risks inherent in the institution; and
(c) the processes required to conduct the institution’s operations effectively.
(2) In making the assessment required by subrule (1), the institution’s governing body must consider:
(a) whether the individual has demonstrated, through qualifications and experience, the capacity to successfully undertake the responsibilities of the position;
(b) whether the individual is physically, mentally and emotionally fit to perform the duties of the position;
(c) whether the individual has a sound knowledge of the institution’s business and the responsibilities of the position; and
(d) anything else that the governing body considers relevant.

 

Derived from QFCRA RM/2020-4 (as from 1st July 2021)